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The price tag took into account the property’s net book value at end-March 2024 of RM3.

The proposed Real Property Development Act will cover mixed developments, including retail and commercial properties, the Ministry of Housing and Local Government said in a statement over the weekend.

“This strategic partnership is set to accelerate the development of LIDO into a dynamic, world-class metropolis in the heart of Malaysia’s Southern region.

During the nationwide sales campaign, approximately 30 of Setia’s flagship townships will host lifestyle events across their respective sales galleries in Klang Valley, Penang, Johor, and Sabah, including Setia Alam, Setia AlamImpian, Setia EcoHill, Setia Fontaines, Setia Eco Gardens and Setia Aeropod.

“Not only does the Act acknowledge the importance of property rights while also addressing the need for urban renewal, it also proposes a balance between these two needs, ensuring that redevelopment efforts are fair and beneficial to all involved.

Arika@Kubang Kerian comprises 668 fully furnished residential units and 26 commercial shoplots.

MRCB said the project was awarded to its wholly owned subsidiary, Lembaran Prospek Sdn Bhd, and will span a development period of 48 months.

Khaya Residences will comprise 795 serviced apartment units in a 61-storey L-shaped block.

Civil proceedings should be commenced to recover the millions in waived penalties, as the developer had unfairly benefitted from the sale of these properties and had obtained “unlawful enrichment”.

The building is proposed to stand 62 storeys tall, with service apartments taking up 35 floors, while the hotel takes up nine floors.